Wells Fargo & Co. wrote off $294 million because Bernard Madoff’s alleged Ponzi scheme wiped out some of its customers and left them unable to pay loans, said Chief Financial Officer Howard Atkins.
“This is not our exposure to Madoff, this is our exposure to customers of ours who had investments in Madoff,” Atkins said today in an interview after the company announced fourth-quarter results, which included the pretax charge tied to Madoff. “They’ve gone from being wealthy to not having any money,” Atkins said. He didn’t say how many were involved.
Comment: Yet Bernie is still under house arrest in his multimillion dollar apartment!